The national median existing-home price fell 1.7% in April from a year earlier to $388,800, the biggest year-over-year price decline since January 2012, the National Association of Realtors announce. Median prices were down 6% from a record $413,800 in June. A steep rise in mortgage rates since the start of 2022 has made home purchasing far less affordable to most buyers, weighing on demand. Existing- home sales have declined for 14 out of the past 15 months and are down roughly one-third since the start of 2022.

The Labor Department announced on 5/18/23 that the number of workers applying for first-time unemployment benefits fell after hitting the highest level in a year and a half.

Yields on U.S. Treasury securities have climbed to their highest levels since the week that Silicon Valley

Bank collapsed, highlighting a rebound in investors’ expectations for economic growth and inflation.

The portion of small-business owners who expect to expand their workforce over the next year was below 50% for the second month in a row in May, hitting the lowest level since June 2020. Consumers spent more on autos and dining out last month, while also boosting online purchases. They cut spending on gasoline and on big-ticket purchases such as appliances and furniture.

The share of auto and credit-card loans that became at least 90 days delinquent approached pre-pandemic levels in the opening months of 2023, the Federal Reserve Bank of New York announced, a sign more Americans are struggling to pay their bills. The age group with the highest delinquency rate across all categories of debt was 18 to 29-year-olds.